challenges to the u.s. economy are significant. they come from europe and asia, old infrastructure in the united states, massive debt. americans have a right to expect leaders to tackle large problem. as one of the leading authorities on financial crises, what do we do? >> i think this point that it's not just what happens this month how are we going to move forward, grow this economy because this problem of debt comes from our aging population. you talk about the tax hike we have. it's not enough to close the gap. the idea that the middle class will get away from this without paying most of it. without entitlements being cut, that's nuts. eventually that will happen. they won't admit it now. we are just beginning. this is a skirmish in a longer war. >> diane, one of the arguments of those that say the fiscal cliff discussion is over blown is deployed at the resilience of the stock market. the s&p is up 12% for the year. that's an okay year. companies have a lot of cash they are holding onto. is too much made of the negative effect